Community Benefits
Financial Benefits
The master-planned site will be a significant source of revenue for the City. CBRE Hotels, a leader in the field of real estate economics, estimated that when completed, One Beverly Hills will unlock the economic potential of these combined properties.
City of Beverly Hills Taxes & Fees:
$2.3 billion in total taxes and fees over 30 years
$1.2 billion in new taxes and fees over 30 years
- $28.4 million/year in residential generated taxes and fees
- $14.4 million/year in commercial generated taxes and fees
$19 million in construction-related fees, licenses and taxes
Spending in and around Beverly Hills:
$27.0 billion in total local spending over 30 years
$8.2 billion in new local spending over 30 years
- $266 million in average annual spending in the community
Beverly Hills Schools:
$78.9 million in new property tax revenue to the school district over 30 years
$4.4 million in one-time impact fees
Jobs:
900 permanent jobs
1,500 construction jobs
Buy Beverly Hills:
$7.8 million in purchases from local merchants during construction
Civic Benefits
Botanical Gardens
Building a landscaped platform over Merv Griffin Way creates 8 acres of uninterrupted gardens with 2 miles of public and private pathways in a total of 10 acres of open space that is the heart of One Beverly Hills.
- 4.5 acres of publicly accessible botanical and sculpture gardens, including 1 mile of pathways through the gardens with shaded seating areas, new vistas and tranquil water features
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A diverse, community-based conservancy to oversee maintenance, education programming, and art installations for the Botanical Gardens
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The Botanical Gardens will never be closed for hotel or One Beverly Hills private events
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2-hour free parking for visitors to the gardens
Traffic:
One Beverly Hills will improve traffic flow by:
- Adding a lane to westbound Santa Monica Boulevard
- Realigning Merv Griffin Way
- Adding a traffic signal at Santa Monica Blvd & Merv Griffin Way
Affordable Housing
One Beverly Hills includes a significant contribution to the City’s affordable housing fund.